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Testable Restrictions of General Equilibrium Theory in Exchange Economies with Externalities

Andrés
Carvajal
Sábado, 1 Febrero 2003

The theory of general equilibrium was criticized for its apparent lack of testable implications, as seemingly implied by the results of Sonnenschein, Mantel and Debreu in the Seventies. This view was challenged by the results of Brown and Matzkin (1996),